3 Keys to Improving Data Quality

Banks are investing heavily to analyze all the data they collect on their customers, but the best results from big data initiatives requires ensuring accurate data.

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As data and analytics becomes more prevalent and important in understanding customers, ensuring data quality can be a big challenge. A white paper released this week by Experian QAS that surveyed 300 IT and business leaders across several industry verticals found that on average 25% of the data those companies collect is inaccurate. And while 82% of the respondents said their company has an analytics department for improving customer intelligence, 43% of them acknowledged that they aren't able to maintain accurate information for daily operations. Companies will never be able to fully realize the potential of data and analytics if they can't make up for that deficiency in accurate data. To start improving the quality of their data, Experian's research suggests that companies need to link customer records across all of their departments, improve their data collection processes across all channels and make sure they are getting accurate information form third-party sources.

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio